Bearish Trend Continues As Equities Lose N571bn

Losses closed proceedings in the Nigerian equities market yesterday as sell pressure on Airtel Africa Plc and 16 others dragged the market capitalisation lower by N571 billion.

The All Share Index (ASI) decreased by 1,048.17 absolute points, representing a dip of 2.31 per cent to close at 44,318.15 points. Similarly, the market capitalisation lost N571 billion  to close at N24.139 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Total Nigeria, MTN Nigeria Communications (MTNN), Lafarge Africa and MRS Oil Nigeria.

Afrinvest Limited said: “in the penultimate trading session for the week, we expect the bearish performance to persist barring any positive catalyst.”

Investors sentiment, as measured by market breadth closed slightly negative with 17 losers versus 16 gainers. Fidelity Bank recorded the highest price gain of 9.74 per cent to close at N3.83, per share. Jaiz Bank followed with a gain 7.06 per cent to close at 91 kobo, while Mutual Benefit Assurance rose 6.90 per cent to close at 31 kobo, per share.

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AIICO Insurance went up by 5.56 per cent to close at 57 kobo, while Oando appreciated by 4.55 per cent to close at N4.60, per share. On the other hand, Airtel Africa led the losers’ chart by 10 per cent to close at N1,312.20, per share. MRS Oil Nigeria followed with a decline of 9.76 per cent to close at N12.95, while Ikeja Hotel declined by 9.68 per cent to close at N1.12, per share.

Northern Nigeria Flour Mills (NNFM) lost 9.56 per cent to close at N6.15, while Linkage Assurance shed 8.51 per cent to close at 43 kobo, per share.

Also, the total volume traded decreased by 60.7 per cent to 165.352 million units, valued at N3.674 billion, and exchanged in 3,183 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 48.094 million shares valued at N461.773 million.

Guaranty Trust Holding Company (GTCO) followed with 18.546 million shares worth N344.426 million, while Sterling Bank  traded 8.283 million shares valued at N12.792 million.

Chams traded 7.673 million shares valued at N2.131 million, while Zenith Bank transacted 6.323 million shares worth N128.883 million.